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Fidelity Bank Plc, a Nigerian mid-tier bank, has appointed Mustafa Chike-Obi as Chairman of its Board of Directors. In a notification posted on the website of the Nigerian Stock Exchange (NSE) on Sunday, the bank said Chike-Obi – a former CEO of Asset Management Corporation of Nigeria (AMCON) – will succeed Ernest Ebi (MFR) who is stepping down from the Board after a successful completion of his tenure, in accordance with the bank's internal governance policy.

According to Fidelity Bank, Chike-Obi's appointment is effective from August 14th, 2020, when Ebi will officially cease to be the bank's chairman. The bank also said the appointment of the former AMCON CEO has been approved by the Central Bank of Nigeria (CBN). Fidelity Bank said the announcement is in compliance with its internal succession policies, and the changes to its Board further attest to its high governance standards and best practices.

The bank also announced the retirement of Seni Adetu, an Independent Non-Executive Director of the bank's Board of Directors, who completed his tenure on June 30, 2020. In a statement of appreciation to the retiring board members, Fidelity Bank said they have contributed significantly to the growth and development of the bank.

“Under the Chairmanship of Mr. Ernest Ebi, the Bank recorded significant growth across key financial metrics with both Messrs. Ebi and Adetu playing significant roles, complementing management effort in the delivery of these milestones; in service of the long-term vision of the Bank,” Fidelity Bank said. “The Bank's market share position has also been materially strengthened over this period.”

According to Fidelity Bank, Chike-Obi has over 40 years of experience in investment banking and the financial services sector, having worked with reputable global investment banking and asset management firms. After stepping down as the inaugural CEO of AMCON, he became Executive Vice Chairman at Alpha African Advisory, a Lagos-based Africa-focused financial advisory and consulting firm, where he provides direct oversight over its capital-raising division.

Chike Obi holds a bachelor's degree in mathematics from the University of Lagos (First-Class Honors) and an MBA from Stanford University Graduate School of Business.